New York Law
ITíS NOT AN UPCOMING TV CRIME DRAMA
1.† Which of
the following can do an act of brokerage without a license?
a.†† A salesperson selling a
house to her parents.
b.†† The manager of an apartment
complex who lives in a first floor apartment in the community and handles all
the rentals for the owner of those apartments.
c.†† A lawyer with two
salespeople working for him.
d.†† None of
2.† If a
broker loses his or her license, the salespeople at that brokerage:
a.†† Must immediately stop
listing and selling real estate.
b.†† May transfer to a
c.†† Would not be able to
work in real estate until the brokerís suspension is over.
d.†† Both a and b.
e.†† Get all of the brokerís
3.† When can a
broker accept a commission from both the buyer and seller in the same
b.†† When there is a dual
c.†† With full written disclosure
and written permission from both the buyer and seller.
4.† Under New
Yorkís Truth-in-Heating Law:
a.†† The sellers are required
to give a verbal disclosure of the heating costs to a buyer.
b.†† The sellers may be required to
furnish heating and cooling bills from the past two years to any prospective
c.†† The sellers may be
required to install insulation if the current levels are insufficient.
d.†† The sellers are required
to write heating and cooling costs into any residential sales contract.
5.†† Maria is an unlicensed assistant for a busy
salesperson at a small real estate firm in New York City.† Maria may do all of the following except:
a.†† Type a contract under
the direction of a licensed agent.
b.†† Write ads and place them
in newspapers after they have been approved by the broker.
c.†† Sit an open house on behalf of
d.†† Look up information to
be used in a comparative market analysis.
6.†† A seller listed their home on February 1,
2001 with Allsfair Realty, under a six-month, Exclusive Right-to-Sell listing
contract that automatically extends for another 6 months if the house doesnít
sell.† Which of the following is true?
a.†† If a sales contract on
the listing is ratified on September 1, 2001, with settlement to take place on
October 29, 2001, the seller will owe the broker a commission.
b.†† If a sales contract on the
listing is ratified on January 3, 2002, with settlement to take place on
February 27, 2002, the seller will owe the broker a commission.
c.†† Both a and b.
d.†† This is an illegal contract.
7.†† Once you pass the state licensing exam:
a.†† You must have a sponsoring
broker before you can get a license.
b.†† You can start selling
c.†† You would get your
license first, and then find a company to work with.
d.†† You never have to visit
this website again.
salespersonís license must:
a.†† Be held by the broker and displayed
if the broker wants to display them.
b.†† Carried by the
salesperson at all times.
c.†† Be displayed in the
salespersonís home or business office.
d.†† Be approved by the local
e.†† Hung from the salespersonís
rear-view mirror while he is driving buyers around to look at houses.
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